Introduction: After years of ice melt, previously uninhabited regions of the North Pole began to attract thousands of migrants from all over the world.Some of these migrants settled with the indigenous people in existing villages and other established new villages across vast swaths of newly available land.
The 1996 Ottawa Declaration established the Arctic Council as a forum for promoting cooperation, coordination, and interaction among the Arctic nations, with the involvement of the Arctic indigenous communities and other Arctic inhabitants on issues such as sustainable development and environmental protection.Only nations with territory in the Arctic were allowed to become members of the Council.The eight member nations of the Arctic Council are Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden, and the United States.
The new residents of the North Pole, dissatisfied with a patchwork of representation through the Arctic Council, formed a working committee to craft a constitution for the establishment of the Republic of the North Pole.The constitution defined the boundaries of the 600,000 square miles of the Republic of the North Pole (roughly the size of Alaska) and its form of government.
The 1,300,000 residents within the 600,000 square mile boundary overwhelming voted to ratify the new constitution, officially creating the Republic of the North Pole on May 1, 2015.
The new constitution establishes a Federal Republic style of government.The Republic of the North Pole shall have three branches of government, with an Executive Branch, Legislative Branch and Judicial Branch.
Despite protests from all of the eight member nations of the Arctic Council, the United Nations recognized the Republic of the North Pole as its 194th member nation in 2016.Please note that RNP local currency is pegged to the US Dollar at a one to one rate.Therefore, all of RNP data is in US Dollars.
The RNP has selected a May 1 to April 30 Fiscal Year to correspond with the annual spring melt.
RNP, in its constitution, specified that the nation shall be divided into four Districts or States.The Districts shall be known as Northeast (NE), Southeast (SE), Northwest (NW) and Southwest (SW).The four Districts all have the power to hold elections to form their own governments and the power to raise revenue and spend funds.Also, per the RNP constitution, all District governments must have Executive, Legislative and Judicial branches.All four Districts of RNP have ratified their own constitutions.Each District constitution has specified that it must adopt a balanced budget.
To maintain uniformity, all four Districts in RNP have adopted Fiscal Years from July 1 to June 30.
The SE District constructed a state of the art seaport and this attracted tremendous investment and growth.Soon the land area around the seaport became densely populated.The population grew to approximately 650,000 or 50% of the entire population of the RNP.In 2018, there was a referendum and the residents of the SE District elected to create the City of the North Pole within a newly defined boundary of 60,000 square miles around the seaport that was a subsection of the District's 150,000 square miles area.The City of the North Pole commenced a Charter Commission to write its Charter.In 2019, the City of the North Pole Charter was adopted.It defined the organization of the City of the North Pole government.The City of the North Pole shall hold its own election, raise revenue and spend funds but it is a subdivision or local government of the SE District.
One of the first acts of the newly formed City of the North Pole was to petition the SE District for the creation of an independent school district named the City of the North Pole School District (NPSD).The independent school district would serve all the children of the City of North Pole and provide kindergarten through twelfth grade.The NPSD enrollment is projected to be 80,000.
The NPSD was approved by the SE District and began operation on January 1, 2020.Its Fiscal Year was established as January 1 to December 31.As an independent school district, the NPSD has the power to levy real property taxes, issue debt and spend funds.The NPSD is governed by a five member board that is elected by the citywide electorate of the City of the North Pole to serve staggered four year terms.The School Board members are non-paid.The five member School Board on January 1 each year votes to select a School Board President.The School Board selected a Superintendent who is the Chief Executive Officer (CEO) of the NPSD.
As defined in the language approved by the SE District, the teachers of the NPSD are provided the right of collective bargaining.The 4,000 newly hired teachers of the NPSD formed a union call the North Pole Teachers Union (NPTU) and agreed to a four year contract with the NPSD which runs from January 1, 2020 to December 31, 2023.
Assignment: Because of your extensive financial management expertise you have been hired by the Superintendent to serve as the as the Chief Financial Officer (CFO) of the NPSD.Please review all the data in the Expenditure, Revenue and Debt tabs.Then answer the questions in the Questions tab.The point value of each question is defined next to the question.
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I nthntthsnmmmlfumsm. _ Ianuarv 1. 2m to member 3!. mu _ EEEI_ lI'Jen'ta'al Government Remue Totd Revenue Salaris and Benets _ Materials and sumllu _ mpiral mum: _ muumm _ an_ Teeel Expendlturee _ Net Change In Fund aalanoe _ uea't'inn 2{5 Points}: Flam prmane'tha "PSI: Mental Net Assets [bahnseiheatlasnteoamhun 102D. Note:There Is no deprech'tlon. Buss are a Emital Asset. Materials and Swll are not Assets and are all consumed du'lng the Ftsml 'rear. Benets {Health and Penslun}are not lung term nbltgatJnns and not on the Bahnae Sheet. The NPSDdou not an any hullclms or hnd and NPSD began 2:11!) with no cash. The onty Assets a'e Cash [mid-I Is tram the N'lal'le In Funtl Balance] and Buses. The ontyl IJahlltlu ate the Bus Payable. its ofDeaen'ber 31, 1510 Emital assets, net nfdepnecla'lion All ntherassels Total assets I.IAIII.I11E$ Accounts Payable Long Tenn Dbllgatlons: General milgatlon Debt Revenue Bonds All otherliabllltles Total Iiabllltles amers Cmital assets. net of related debtor liabllties All other net asset: _ mullltics plus net asset _ _ ueetlon \"1 Points}: ForEMIITotal Eupendltu-e mint percentage Iwas spent on Salarles and Benets. _ Question \"1 Points}: FormuTonl Revenue whatp-eroentme was From Local [liei Property Tax Lee-ll Revenue. Question 5-{5 Points}: Based on irrl'on'rlation provided In the Eupmdluue, Revenue and Debt tabs please prepre the esthmedil emu eapentlture leueis. Note: Enrollment prolected to hcrease by 1onnaaamo h IDEL with Grades Il-E gram-lg toll-F.\" and Grades TF- growing to :1an Assume Teacherll'Student, PrincianTeacher,Woe Prhchal'eadler and Bus deer-wdent ratios stay the smell" other staff stavat sa'ne level as 2020. Thus. nLrnber o'fTelac.'I1ersr FI'II'ICIFBIS. 1Illce Principals and Bus Drivers need to hcrease In 2:311, whle all other staff podtlonsclo not Increase. Assume Support Salads rernaln the sane level as 2020. Assume Benets remaln at Mofa'les. Assume that Materlds and Supplies formula on Expenditure tab remains the same as 2020. Cmital rillutla'glI is only:I forbuses acoordhg to schedule on Dip-endure tab. which is also deli-led as mayI as rouge spendlng on the Debt tab. lIlimital Duth does not Include spending on bulldlngs. mahtena'lce and issuance costs on the Debt tab for the purposu of this th Exam. buildhg Lease Is according to scheduleon Debt tab. MM\""\"\"'"'MW\""M\"\" _ Assume Management Salarles remain the same level as man. Assume Teacher Salads increase based on Collective Bargalnlngagreement. \f{SI-150] SE District Emeral Dpu'atlng All! SE District Eulldnghld SE District'l'ra'nsportatlun All! Total SE District lming Question9{5Pdntsl:Muanrdhnmy-wsmmmmmdnlunnmmpnrtmbvlmaumadualmmtnmmpartmeth I'll, Lush-g \"timing for SE District running, RNP Fwuand m1 Exp-11min hulls, please simian pmmr and Mill: law main Hm hu- -. In 1011. Muir: m1 Tani mm perfectly aquds m1 Toni Dip-undiulrn. Note: Please include 2020 Net Fund Balance asaddltlonal revenue In 2:311. Mswernrn mestlnn 1 hmwerfmrn cell D115 SE District General Dpa'atlng All! hmwernrn mestlnn B SE District Bulldnghld Mules-Horn mestlnn SE District'l'rmspnrtatlun All! Amwernrn mestlnn a FmPSpecld Education Aid plum prunin- the new tau \"and mlmiesnnnra'ted from the annual villa nettle part andfrantheassnd value not nmwthe port. Tahl mm Value IMINPSDhlexttoPart IMINPSD NotNentnPnrt Question 11 {It Pohtel: I'I retrieurlngan inuoloe from the vendor forthe purchase of sea buses It modetuninedthathlPSD was awed a SE omuumanm - TheIIPSD renders: mmnlawismmtbesause itisapovernmmtemlty. Thleenorwasldentllledaftertherct paymunfor-tsbuseshwabeadym - .. rthe buses. what lathe amount of rdrnbureement h tome-m the NPSD is eliltle'lort'rorn the vendor-and what lathe actual runalnm payment we the vendor In 2021 fortheleet efthe buses. N'ISWEI': Relrnbursa'nentdue in 21123 Actual paymentdue In 2021 Question 11 2 Poms}: On May 1, MtheSE District adopted new Q-arterSchool Iegklatlon atthe bednnlm oulcd year effective hrnedlatv. On July 1., mtheSE District apmed a 1.1m student Chi-tar School ruined MMSchool located udthhthe lFSDtt-at uranetto open on Septurberil, 1021. lhderthe mater School leddaon all Charter Schools are funded hythe school detrlctwhue theyare located at thatschool district's prlor year To\" Elpentiture - Theschooldistrict must ply thetlnrterSdtool the entie amount dueone month beforethe Garter School opensand at thatsl-ne mannulh'therealter. .. pul. Melenthe ChartuSchool is relpentibleforselelyfundlr' ltsschool blildlru needs. 1he school dlmlctls onlyrequhd to payToH Elpmdture per pupil amount. Please ciculatethe totalhandlngdue tothe NeurArctlc School from the IIIPSD In arm. Assume 2021 NPSD revenue and expenditure szll based on enrollmentoftlsm. Newer: Question 13 2 Poms}: Aslumlngthatthe new me: School lspaldthe Ml amomtdue from the anI: on Avast 3,. m1 is the m 2021 budgetotil balanced? Please prode Yes or no aneurerand explah m. Please ciculate new dll'ferenoe, Ilany, benvemTo Revenue andToul Emendlture ol' NPSIJ it met. Assume 2021 "FEB revenue and upmdlture stll based on enrollmentofsm. Armin-en Budget balanced [Yes or No) (deate newlil'l'er'erluce.I If my, hemeen Total Revenue and Total Btpendlture of NPSD h 2021 alter payment to the Newhrctic School Question 1d2Pohtsi:metolPSDI-IowhavntomaleerequredpeynmttothemnretlcSchoolon AmsthllhthatwesI-Iotplannedfor the m declcles to Issue a Reva-m anticlpatlon Note (RANI onJuly 15. 21121 tomrthe ceaotthe peymmt. The IDS]: receives SE Blob-lot General Operatingd In equd payments four :lntes ayearonJanuuy LAprll 1, .Iulyt. and October 1. under-the omd oovenmtofthe m It nut be pd back on the sine daythat NPSD recite\" SE District Genual Dperatlruhld payment. Please provide the exact date In which the "PSI: will pay back he IIAH. mutter: Question 15: {3 Perm}: The President ofthe School Boa-d requested that the Sqterhtendem prepare a pafonnmce mmunent plan based onthe beet bullness - ctleee ohhe private sector. 1he president ot'theSchool Board is isothe CEO ot'the largest prhrate compl-Iy In the IUD. IheSuperlntendent bqan the performance managementplan runs: by detalIng th nncial managunent dll'lerenoec betweenthe prbrate oectorand the public sector. Plume detallthree dlstlnctdll'lerences between the private and publc sectors in terms of buqetlng, spendlna. nndalccatemmts or any other Fennel: manganenttopic covered tlis semen.
